Market Updates
Solid February Job Growth, Wage Growth Moderated
Brian Turner
10 Mar, 2023
New York City
Total nonfarm payroll employment increased 311,000 in February following the downwardly revised 504,000 in January, the U.S. Bureau of Labor Statistics reported Friday.
Both the unemployment rate, at 3.6%, and the number of unemployed persons, at 5.9 million, edged up in the month.
February payroll gain took the six-month average to 343,000 with notable job gains occurred in leisure and hospitality, retail trade, government, and health care.
In February, average hourly earnings for all employees on private nonfarm payrolls rose by 8 cents, or 0.2%, to $33.09 and increased 4.6%.
The increase in total nonfarm payroll employment for December was revised down by 21,000, from 260,000 to 239,000, and for January was revised down by 13,000, from 517,000 to 504,000.
With these revisions, employment gains in December and January combined were 34,000 lower than previously reported.
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